Music firm MAMA Group has withdrawn its proposals to acquire British independent music firm Sanctuary Group.

Music firm MAMA Group has withdrawn its proposals to acquire British independent music firm Sanctuary Group.

In a statement issued Monday (Oct. 9) to the London Stock Exchange, MAMA said its course of action came about after Sanctuary, through its advisers, "made it clear...that they are not prepared to engage in any meaningful dialog with regard to MAMA's proposals."

MAMA says it now believes there to be "little merit" in attempting to continue to seek an acquisition of Sanctuary and, as a result, withdrew from talks. It "is no longer considering making an offer for Sanctuary," the company confirmed.

MAMA made a formal all-share bid on July 14, which it described as "in the best interests of Sanctuary shareholders." Sanctuary rejected the bid at a July 27 meeting.

Helmed by co-CEOs Adam Driscoll and Dean James, MAMA has a reported market capitalization of £16 million ($29.6 million). The media and marketing group is quoted on the Alternative Investment Market segment of the stock exchange. Its Channelfly subsidiary includes a chain of U.K. live music venues, plus interests in music recording and publishing, and artist management.